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Banro begins restructuring proceedings; shares halted

Dec. 22, 2017 9:47 AM ETBanro Corporation (BAA) StockBy: Carl Surran, SA News Editor1 Comment
  • Banro (NYSEMKT:BAA) announces a recapitalization support agreement with key stakeholders and has started restructuring proceedings under Canada's Companies' Creditors Arrangement Act; shares are halted.
  • BAA says it has obtained protection from its creditors under the CCAA for an initial period expiring Jan 19 and approval of interim financing of up to US$20M.
  • The company warned last month that it was running out of cash and funding options to service its debt.

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